ADMS 3510 Study Guide - Midterm Guide: Ordinary Income, Tax Rate
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15 Apr 2016
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Corporate Tax Liability
To complete the assignments listed below, refer to the Table 2-1.
The Talley Corporation had a taxable income of $320,000 from operations after all operating costs but before (1) interest charges of $32,000, (2) dividends received of $19,200, (3) dividends paid of $19,200, and (4) income taxes.
What are the firm's income tax liability and its after-tax income? Round your answers to two decimal places.
Income tax liability | $ |
After-tax income | $ |
What are the company's marginal and average tax rates on taxable income? Round your answers to two decimal places.
Marginal tax rate | % |
Average tax rate | % |